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Equity valuation of Manchester United
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The objective of this thesis is to analyse the financial statements of Manchester United and pursue an equity valuation in order to issue a recommendation to buy, sellor hold recommendation as of 30thof June 2021.To do so, the author decided to use the DCF model because Manchester United is not expected to change their debt-to-equity ratio and is a flexible model where all the assumptions about the company can be included. It also allows to do a sensitivity analysis what will help to understand the changes between the inputs and outputs. To support the result of the DCF model, the author has also employed a multiples valuation with the EV/EBITDA multiple. The author got a target price of Manchester United shares of 13.99£through DCF valuation and 12.44£using the multiples valuation, what indicate us that the share is under valued since the market price was 10.94£.
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Corporate finance Equity research Dcf valuation Multiples